Bitcoin Approaching All Time High Price (Denominated in AUD), does it affect you?

techlead on 25/02/2024 - 10:56

As Bitcoin defies all the nay sayers yet again is on the cusp of creating a new all time high (in AUD), actual price $78700 AUD versus all time high of around $82800, for holders, are you thinking of selling or buying more? For non-holders, do you plan to buy more?

Very interesting to be doing comparisons with other investments, like property and shares. I cannot have accumulated my current net worth without bitcoin and other cryptocurrencies. I just did a stocktake recently and found out I now have more than 600BTC and I have yet to complete the stocktake as I still have addresses which have less than 0.2BTC which I have written off before because it was chump change, but now worth quite a bit (circa over $15k for the 0.2 BTC addresses).

I still cannot understand why property investment gets all the hype when it has been proven time and time again that Bitcoin returns are way way better. It just really boggles my mind, am I missing something here? I'm very excited for the Halvening and the upcoming bull market.

For the nay sayers, what does it take for you to change your mind about crypto? Government regulation has arrived, its virtually impossible for Western governments to ban Bitcoin.

Poll Options

  • 25
    I'm a holder of crypto and will sell asap
  • 273
    I'm a holder of crypto and will continue holding
  • 22
    I'm a holder of crypto and will continue to buy more
  • 10
    I'm not a holder of crypto and looking to start buying
  • 514
    I'm not a holder of crypto and don't plan to buy any
Financial Cryptocurrency

Comments

  • boomramada on 25/02/2024 - 11:04
    +43

    I rather invest than gamble.

    • EightImmortals on 25/02/2024 - 12:12
      +11

      What's the difference? (beside the odds that is)

      • boomramada on 25/02/2024 - 13:01
        +15

        Investing is expectation of generating income or profit. Gambling, on the other hand, is wagering money on an uncertain outcome.

        Other than that:

        Major difference, one is regulated, usually physical and easy to sell.

        You don't need to worry about exchange that usually do a runner.

        • Jolakot on 25/02/2024 - 15:54
          +17

          Wouldn't that make 90% of investments gambling? Other than maybe bonds, fixed term deposits or other legally guaranteed returns.

          • boomramada on 25/02/2024 - 16:17
            -1

            @Jolakot: Share market / Bond crash based on economic conditions where Bitcoin crash for uncertainties. Plus I won't spend a cent on anything that not regulated. Thats just my take.

          • freefall101 on 25/02/2024 - 16:44
            +9

            @Jolakot: Investing is underpinned by the same economic growth that supports bonds and fixed term deposits. If the entire economy was collapsing those bonds and deposits would be junk anyway (despite legally guaranteed returns, governments can still default and banks can collapse).

            Bitcoin is generally untethered from that economic growth. It going up in value is natural, it's very limited in supply (possibly even shrinking, considering the amount of 'burnt' bitcoin and the amount held by institutions/governments). Demand is based on nothing though, there's no intrinsic need for bitcoin, there's no market for it, it doesn't underpin anything. Thus why the price is so unstable, no one knows where demand is going to be at tomorrow.

            Whereas I can say with pretty good certainty that people will want food tomorrow. So the food market, on a whole, is a reliable investment (even though coles/woolies/mcdonalds might go up and down). The risk of the value of food falling to zero is very slim compared to bitcoin.

          • RTX9090Ti on 27/02/2024 - 10:54

            @Jolakot: This is OP at its finest: https://www.youtube.com/watch?v=_DIuPPmY9mw

        • sAmiZZle on 27/02/2024 - 10:40

          Investment in this context is based on research, trend analysis, economy, world events, etc. Gambling is based on random probability. Both Fiat stock and Crypto fall into the former category, so what is the point you are making?

        • ThadtheChad on 27/02/2024 - 21:30
          +1

          I think you'll find most sophisticated investors will have crypto as atleast a part of their portfolio. Definitely a high risk component, largely owing of regulatory issues (Aus govt and industry is extremely parochial in its outlook), but it makes the cut of a well rounded portfolio.

        • Darude Sandstorm on 29/02/2024 - 16:53

          Gambling is a Zero-Sum game, which is why trading Magical internet money isn't technically gambling. Although while true, someone else has to lose for you to win the same can be said for the stock market, if the price goes up it means someone is willing to pay more for the stock that you may have paid less for, and if the company goes bankrupt a week later, rug pulled.
          It's obviously a very different scenario in a lot of cases, some Crypto's work in a similar way to stocks, you buy their token, they can use said money to put into the business and you own a share of it, profit sharing can be done via farming/staking etc or you can just hold and resell if the crypto company does a thing that makes them worth money.
          Just less regulation, which has been the idea behind it all, which isn't necessarily a good thing.
          Read into it how you will, crypto is dangerous but high risk, high reward. It's been an easily profitable game for the last 10 years.

    • RefusdClassification on 25/02/2024 - 18:44
      +10

      If you look at long term graphs of bitcoin, you will see cycles of growth followed by decline, but the peaks before the crashes are always at a higher point. Many people have become wealthy through buying in the troughs and selling at peaks. The difficulty is, knowing when to do so… Alternately, you can just hold on to bitcoin for years to avoid Capital gains tax, but you will come out further ahead at the end if you can successfully time your purchases and sales.

      Bitcoin could keep increasing in value through 2024, or it could crash back down to $30,000 per coin. I have no idea. It just depends on how the individuals and the companies with huge assets choose to allocate their funds. Ordinary folks like us make no difference to the bitcoin price no matter what we do.

      Over the past 12 months people made more money off Nvidia shares than the did off Bitcoin.

      • netjock on 25/02/2024 - 18:58
        +13

        Bitcoiners think they invented "buy low, sell high"

      • pokmo on 28/02/2024 - 05:37

        you can just hold on to bitcoin for years to avoid Capital gains tax

        The same cgt rules apply to crypto, ie the rate is 15% after one year of ownership.

        • SBOB on 28/02/2024 - 07:36
          +2

          ie the rate is 15% after one year of ownership.

          The rate is 50% of tax bracket.

          • Meconium on 01/03/2024 - 08:47

            @SBOB: No, it depends on your annual earnings.

            • SBOB on 01/03/2024 - 10:27

              @Meconium: It's taxed at your marginal rate, and then 50% discount on CGT due to holding for more than 12 mths.

              I don't see how my statement was incorrect

              • Meconium on 01/03/2024 - 19:42
                -1

                @SBOB: "50% of tax bracket" means nothing. 50% discount on CGT after holding for a year is different from "50% of tax bracket", and regardless, it depends on your other income that financial year.

    • Korban Dallas on 28/02/2024 - 22:52

      It's all the same shit.

    • Xxmilker69xX on 29/02/2024 - 16:13

      Come back to this comment in 5 years

  • capslock on 25/02/2024 - 11:09
    +78

    So you are worth $47 million. I would have thought you'd be out and about enjoying life rather than hanging out on a bargain website.

    • 7ekn00 on 25/02/2024 - 11:18
      +33

      Got to humble brag at the highs, then go dead silent at the lows - it's a cryptobros life ;)

      its virtually impossible for Western governments to ban Bitcoin.

      Yet all the Canadian Truckers' wallets were seized, frozen and CONFISCATED … doesn't seem "impossible" to me ;)

      https://www.coindesk.com/policy/2022/02/16/canada-sanctions-…
      https://financialpost.com/fp-finance/cryptocurrency/police-t…

      Last I checked, Canada was a "western government" :P

      But hey, can't be a crytobro without the "I told you so" at every high :P

      • bobbieb on 25/02/2024 - 12:00
        +3

        To be fair, there's a difference between what the Canadian regulator did - that is: basically forbid all Canadian exchanges from processing transactions on a collection of individual addresses.

        A bit of an toothless step in reality, unless the truckers were actually stupid enough to keep their wallets online at one a Canadian exchange. It wouldn't have stopped them from creating additional wallets and using non-Canadian exchanges to cash out, creating a whack-a-mole situation where they'd have to try to individually apply sanctions to individual members of the group.

        Of course there's nothing like old-fashioned coercion to work around technical issues:

        “Police wanted the seed phrases for my crypto wallets. Under police compulsion I provided my seed phrases.”

        • BoltThrower on 25/02/2024 - 13:45

          Give them the 24-word phrase. Don't give them the 25th word. This is protection against the $5 wrench attack too. They'll get whatever amount is in the base wallet. let's say $5,000 in your wallet. You keep your life and they won't know about the main stash(es).

      • EightImmortals on 25/02/2024 - 12:14
        +4

        Didn't they illegally freeze their bank accounts as well? Along with anyone who donated to the cause?

        • bobbieb on 25/02/2024 - 13:06
          -1

          Not that I can tell from the articles.. between gofundme and crypto they collected a fair chunk of cash, it would be fairly impractical to go after everyone.

          • EightImmortals on 25/02/2024 - 16:36
            +7

            @bobbieb: https://www.cbc.ca/news/politics/emergency-bank-measures-fin…

            More than 200 bank accounts worth nearly $8 million were frozen when the federal government used emergency powers to end a massive protest occupation of downtown Ottawa.

            Federal officials report most of the accounts are now in the process of being released, a parliamentary committee heard Tuesday.

            And illegal.

            https://www.cato.org/blog/canadian-court-trudeaus-use-emerge…

            Canadian Court: Trudeau’s Use of Emergency Powers to Crush Protests Was Illegal.

            We took a highly critical view of Trudeau’s actions at the time, particularly of the “financial incapacitation” measures by which persons or businesses whose trucks were seen at the protest would be subject (it was announced) to bank account freezes and auto insurance cancellation decrees, all without a court order or even notice and a chance to respond.

            Now a Canadian federal judge has agreed on every major point that the government’s actions were unlawful (opinion). The Canadian Civil Liberties Association, one of the complainants in the litigation, sums up the findings:

            The Court concluded that:

            The federal government’s decision to declare a public order emergency under the Emergencies Act in early 2022, as well as the associated regulations that it enacted, were unreasonable and were not justified on the facts or the law.

            The regulations violated the Charter right to freedom of expression and the right to be secure against unreasonable search or seizure.

            And as you mentioned gofundme, those crooks blocked all the donations and were going to steal, errm (redistribute) them elsewhere but eventually refunded them to the donors (I think).

            https://www.telegraph.co.uk/news/2022/02/06/former-obama-amb…

            GoFundMe's move to block donations to Canadian protesters against Covid restrictions represents the "worst act of corruption" in Canada's recent history, prominent author Jordan B Peterson said on Sunday amid a growing backlash.

            Truckers angry with vaccine requirements when crossing the US-Canadian border have been gathering for weeks in the capital Ottawa, but protests at the weekend spread across the country with rallies in almost every major city.

            The crowdfunding site announced it would refund or redirect to charities the vast majority of $9m raised by demonstrators protesting against vaccine mandates.

            "The theft of GoFundMe donations to the truckers was the single worst act of political corruption I have ever witnessed in Canada," Mr Peterson, who is Canadian, said.

            • bobbieb on 25/02/2024 - 18:40
              +1

              @EightImmortals: Wow. Thanks.

              We took a highly critical view of Trudeau’s actions at the time, particularly of the “financial incapacitation” measures by which persons or businesses whose trucks were seen at the protest would be subject (it was announced) to bank account freezes and auto insurance cancellation decrees, all without a court order or even notice and a chance to respond.

              Ouch. That was nasty. An interesting shortcut though. Instead of trying to trace the crypto, they just went after all the trucking company owners' accounts.

      • Cluster on 25/02/2024 - 12:28
        +1

        The line 'it's impossible to ban bitcoin' is a curious one. Just shut down a few of the major exchanges. Make it illegal to send money from traditional banks to exchanges. Boom. Bitcoin and all other crypto is crippled as it's only useful if you can exchange it for money.

        • bobbieb on 25/02/2024 - 13:15

          The line 'it's impossible to ban bitcoin' is a curious one.

          Yeah. Theoretically, banning would be next to impossible due to the distributed/decentralised nature of the whole thing. On the other hand, that's not to say that regional governments and traditional financial institutions can't make it very difficult for everyone.

          First it was AUSTRAC forcing all the Australian exchanges to play by their rules.
          Then all the Banks started progressively "de-banking" the exchanges - without a bank, it's unsurprisingly difficult to run any business.
          Now the gov and banks basically in bed together in the whole push to put as many hurdles in place to make dealing with exchanges difficult. (OMG there are 5C4MM3R5 out there!!!)

          • kiitos on 26/02/2024 - 08:21
            -1

            @bobbieb:

            OMG there are 5C4MM3R5 out there!!!

            It's not just the scammers, it's the criminals using crypto to laundry money etc.

          • trapper on 29/02/2024 - 14:50
            -1

            @bobbieb:

            Theoretically, banning would be next to impossible due to the distributed/decentralised nature of the whole thing. On the other hand, that's not to say that regional governments and traditional financial institutions can't make it very difficult for everyone.

            Well they can make it illegal, and put you in jail if you break the law… so not impossible really is it.

        • techlead on 25/02/2024 - 21:28
          -1

          You are a genius!

          You should consult for the Türkiye and Venezuelan governments as they are desparate to stop people from holding Bitcoin.

      • techlead on 25/02/2024 - 21:24
        -3

        The reason why I don't say much during the bear is mostly because I'm busy researching for the bull market and I already know what people would say, this ain't my first cycle. This is my 4th cycle already.

        During the bear, I will get laughed at, "Look at Bitcoin, fell XX%, its dead", then bull comes and prove all of them wrong, this happens cycle after cycle. I know I will not convince people during the bear market, but I was busy buying when Bitcoin was below $20k when everyone was saying its dead.

        • hypie on 27/02/2024 - 09:20
          +6

          Here's a question for you. Why is there a crypto cycle? Why is there a Bull and Bear market period? What is dictating this change in demand?

          A colleague at work who constantly talks of crypto has a "coin" that has gone from $0.06 to $3.80. He doesn't even believe in it… but it keeps going up.

          Crypto just seems like the Supreme clothing brand to me.

          • techlead on 29/02/2024 - 16:20
            +2

            @hypie:

            Here's a question for you. Why is there a crypto cycle? Why is there a Bull and Bear market period?

            Here's a cheat sheet for you, https://www.quantifiedstrategies.com/wall-street-cheat-sheet…. It is due to changes in supply and demand, you actually answered your own question in your follow up question.

            Cycles are not unique to crypto, you get this in shares, and property (real estate) as well.

            What is dictating this change in demand?

            You've partially answered your previous question with this follow up question. There are many things that dictate demand for an asset. Specific to Bitcoin factors include:

            1. Maturity of the asset - is there a proven track record? I thought BItcoin was a scam from 2009 to 2013. What changed in 2013? I researched abit more about it, looked into the whitepaper, observed its operation for a couple of years and made an informed decision to buy Bitcoin, many people were in that boat, hence demand for Bitcoin was steadily increasing from inception since 2009. More demand, holding everything else constant, means price goes up

            2. Regulatory environment - Will governments ban this? Can governments ban this? This was a big risk and unknown for Bitcoin, but since 2009 we have some data. China tried to ban Bitcoin, yet its network is thriving and not only that, more than 10% of hash power comes from China even to this day when its technically totally banned. The approval of the Bitcoin spot ETF will bring in a whole range of new investors who wouldn't otherwise touch Bitcoin, hence increasing demand, look at point 1.

            A colleague at work who constantly talks of crypto has a "coin" that has gone from $0.06 to $3.80. He doesn't even believe in it… but it keeps going up. Crypto just seems like the Supreme clothing brand to me.

            If your point is that people are investing in things they do not understand, then I wholeheartedly agree with you. This is not unique to crypto though, there are many ignorant investors everywhere in other asset classes be it Shares or property. I had a conversation with a property investing friend, I asked him why he thinks property investment is the best, he's answer was, "because property only goes up" which is demonstrably not true. I probably know more about property investing than him.

            You don't need to believe in something or know anything about it to invest in something and make money. I have many friends who bought nvidia solely because Nancy Pelosi bought it, they know nothing about computers, they just said, people in Congress keeps outperforming the market, so just copy what they do. Which is not a bad strategy when you think about it lol.

            One of the biggest challenges in life is not knowing enough to know you are right, but not knowing enough to know you are wrong.

            I have an open mind, I'm opened to investing in property, its just historical data, common sense and reality is telling me its not a good investment and I'm being proven right again and again and again by reality.

            • cunningdrew on 01/03/2024 - 10:12

              @techlead: Halving. Supply vs Demand. The approaching halving event will see miners reward reduce by 50%. This in turn will see existing stock/product increase in value to suit. Pretty sure you know this, but it's all about the halving and is why we will see BTC at probably double the current quote by years end. I'll hodl.

          • nushydude on 12/05/2024 - 09:14

            @hypie: Because we live in a simulation. duh!

        • pokmo on 28/02/2024 - 05:43
          +3

          bull comes and prove all of them wrong, this happens cycle after cycle

          The same can be said about you when "bear comes and all of them prove you wrong, this happens cycle after cycle."

          No offence, but you're getting ever more annoying.

      • techlead on 25/02/2024 - 21:28

        Did Canada ban Bitcoin? Doesn't look like it to me.

    • AustriaBargain on 25/02/2024 - 11:20
      +4

      Yeah I doubt OP is telling the truth here. If you had 47 million then investing in BTC would be very foolish, so not cashing out the same amount of bitcoin now is the same difference.

      • Jimothy Wongingtons on 25/02/2024 - 11:21
        +3

        Clearly they going to ride this all the way to the moooooonnnnnnn

        Diamond hand forever
        Cash out never

        • DashCam AKA Rolts on 25/02/2024 - 14:23
          +2

          🚀🌛, 💎🖐️

        • techlead on 25/02/2024 - 21:26
          -3

          Bitcoin at $50k USD is beyond the moon, its on its way out of the solar system already. If you want the moon, you'd be left behind lol

          • liongalahad on 28/02/2024 - 17:34

            @techlead: you are giving yourself all good reasons to cash in.
            If you had 47M in your bank, would you go all-in into BTC right now? If the answer is anything other than YES, it's time to cash in

      • techlead on 25/02/2024 - 21:26
        +4

        First, without Bitcoin and other alts, I wouldn't have $47 mil, that's my point. I can never have accumulated this wealth any other way, not with shares, not with property.

        Back in 2013, I was tossing between buying Bitcoin or purchasing an investment property, this is very well documented in my previous threads, my AMA and subsequent posts, have a look if you are interested. TLDR, I chose to buy Bitcoin and was able to accumulate this wealth, I couldn't have done it with property, I have modelled it.

        • AustriaBargain on 25/02/2024 - 21:39
          +6

          If you had no bitcoin now and inherited 47 million dollars, would you buy 47 million dollars worth of bitcoin?

          • Gina Rinehart on 26/02/2024 - 08:16
            +2

            @AustriaBargain: Obviously they wouldn't lol. It's insanely risky and I bet OP's portfolio is like 99% crypto. I'd be diversifying massively well before then!

        • Rear CreviceEruption on 27/02/2024 - 08:43
          +15

          I doubt you have $47 mil in crypto. If you did, you'd be quiet about it, and you'd be out enjoying life, buying waterfront Sydney properties, New York penthouses, or travelling the world. You wouldn't be glued to your desk monitoring price fluctuations and bragging on the internet. You probably have a bit of bitcoin, and you're trying to talk up crypto hoping to get more people into it. Most people with crypto seem to do this, they probably are hoping it will help push the price up.

          If you're expecting bitcoin to go massively over the current market cap, I think you're wrong. Every time Bitcoin gets this high (~$80k), people start selling and it eventually goes back down again. At this level (AUD $1.6 trillion), the only way the price can go up significantly is if an incredible amount of money is injected into it. Where is that money going to come from? $1.6 trillion is an insane amount of money for something that has nearly no practical value. The higher the price goes, the more difficult it is for the price to go even higher, because there is just not that much money floating around in the "get-rich-quick" investment communities. Big investment trusts and ultra-rich investors are not going to put another $1.6 trillion into it when it's already this high and close to a sell-off. Maybe it could go up another 10% before the sell-off, but I wouldn't expect much more than that.

          • SpicyStew on 27/02/2024 - 15:44
            -4

            @Rear CreviceEruption: Rear having fun staying poor

          • redfox1200 on 27/02/2024 - 17:28

            @Rear CreviceEruption: they don't need to put another 1.6 trillion into it lol. another couple of hundred billion will more than 4x the price.

            • Rear CreviceEruption on 28/02/2024 - 08:17
              +1

              @redfox1200: Market cap is currently $AU 1.6-1.7 trillion. At least another $1.6 trillion would be needed to double the price.

              You can see when the market cap rose from $1.5 to $1.7 trillion (an extra $200 billion invested into it), the price only rose about 10%.

              So I think you're not looking at the numbers clearly.

              • redfox1200 on 28/02/2024 - 14:14
                +1

                @Rear CreviceEruption: You don't understand how marketcap works.

                If there was only 100 abccoins for sale and I sell 1 for 1 million, the marketcap is now 100 million, but only 1 million has traded hands. So 100 million of value was created with only 1 million.

                Same applies for bitcoin.

                • Rear CreviceEruption on 29/02/2024 - 08:55

                  @redfox1200: Not true. The market value of bitcoin is what has been invested into it. You can't pull $ out of thin air.

                  When the market cap rose from $1.5 billion to $1.7 billion, the price of bitcoin only rose about 10%. This is a simple mathematical correlation.

                  • redfox1200 on 29/02/2024 - 09:46

                    @Rear CreviceEruption: So you think if bitcoin went to 0 tomorrow then someone has pulled out 1.7 trillion lol.

                  • trapper on 29/02/2024 - 15:14

                    @Rear CreviceEruption:

                    The market value of bitcoin is what has been invested into it.

                    No, the amount 'invested' has absolutely nothing to do with the market cap.

                    Every dollar paid by one person is received by another.

                    There is no actual money stored within Bitcoin itself.

              • Lit Homie on 28/11/2024 - 15:24

                @Rear CreviceEruption: Aha not sure how i got here but you don't understand finance. Maths you understand very well but not Finance. They are similar but not identical

          • trapper on 29/02/2024 - 15:07
            +1

            @Rear CreviceEruption: This is fundamental misunderstanding of market cap dynamics.

            The $1.6 trillion figure does not represent a direct investment into Bitcoin; rather it reflects the current total valuation of all Bitcoin in circulation.

            Doubling of Bitcoin's price would require orders of magnitude less 'investment' than the entire market cap.

            • Rear CreviceEruption on 01/03/2024 - 08:18
              +1

              @trapper:

              it reflects the current total valuation of all Bitcoin in circulation

              yes, which reflects how much has been invested into it.

              It's not rocket science. When people buy bitcoin, the price of bitcoin goes up. There is a perfectly simple correlation, and I've been watching the numbers for a few months.

              Doubling of Bitcoin's price would require orders of magnitude less 'investment' than the entire market cap.

              Then why, when the market cap rose by $200 billion, did the price only increase by 10%? $200 billion is far more than "orders of magnitude less".

              You are full of nonsense, like most crypto nuts.

              • trapper on 01/03/2024 - 14:38

                @Rear CreviceEruption: Who's up-votes your nonsense, seriously? lol

                Then why, when the market cap rose by $200 billion, did the price only increase by 10%? $200 billion is far more than "orders of magnitude less".

                Market cap always changes proportionally to the price because that is precisely what market cap is - by definition.

                Market cap equals the total number of tokens multiplied by the current price of a single token.

                That's it - no more, no less, and nothing to do with how much has been 'invested'.

                • cheng2008 on 01/03/2024 - 22:55

                  @trapper: Forget bitcoin, I think the advice for some people here should be don't invest at all when you don't even understand what a market cap is lol

          • BluebirdV on 01/03/2024 - 23:32

            @Rear CreviceEruption: There is an insane amount of new money flowing into Bitcoin via the ETF approval in the USA. Don't quote me, but I think I read 12 times as much money. Ask Michael Saylor.

        • pokmo on 28/02/2024 - 05:58
          +3

          No one sane would park all of their wealth in crypto. Not even half their wealth. Assuming you're indeed risk seeking and park half, you'd be worth $90mil. With that kind of money, which imbecile would waste their time spamming bargain forums with rubbish marketing posts rather than hire PR firms to do the dirty work? A single article on SMH would get way more eyeballs than your spam would in a year.

          Oh, did you manage to fix your "5 year old TV"? You could have done something else about it with the many 0.2BTC you "wrote off".

    • DingoBilly on 25/02/2024 - 14:30
      +7

      Yes it's quite surprising how being a multimillionaire makes you need to shill your product quite hard on random forums. If I had even 10 million I'd be (profanity) off and enjoying my life not spamming random posts.

      Also it's odd that they are completely wrong with their numbers too. Or they're lying to make it sound better. The peak bitcoin price was ~$105,000. So it's far from the peak atm. But i can see if you're not aware it may peak interest, I suspect it's just your usual marketing garbage.

      I wonder how much they actually have and whether they even have a profit at end of day.

      Suffice to say I don't invest in crypto. I made some money in the past but after learning about it you really understand that it's just gambling with no inherent value/logic behind it.

      • onetwothreefour on 25/02/2024 - 18:58
        +1

        When did BTC go over AUD$100K?

        • choosk on 26/02/2024 - 04:27

          It didn't. Peak price was just under AUD$94k back in Nov 2011.

      • bargainhunter168 on 28/02/2024 - 19:10

        I've checked the charts, BTC never went over $100k AUD.

      • darkmattersunB6c0MV on 28/02/2024 - 22:33

        The peak in AUD was around 90k in Nov 2021.
        It was USD 65k in Nov 2021.
        The value of BTC is usually measured in USD, not AUD ( USD/AUD can vary- it was around 1.3 to 1.4 at that time, and now is 1.54 approx).

    • netjock on 25/02/2024 - 19:09
      +2

      So you are worth $47 million

      You would think you'd cash out $3m and invest it in the index and live off the $100k a year dividends

      You might remember a user "rektrading" his plan was to hold let it appreciate, then draw on it with a 1% margin loan to live off and never have to pay CGT. Until Celcius sunk that idea

      The fun was finding out the reason Celcius went down was due to secured loans being actually not secure and the collateral can't be recovered

      • techlead on 25/02/2024 - 21:22
        -5

        Why would I sell out of a winning asset to buy losers?

        I did cash out a little before the bear market and was considering buying an investment property in 2021/2022 but ultimately decided against it, because if I did, I would have missed the Bitcoin run from $16k USD to $50k USD and many of the alts.

        Why would I sell out of a high returning asset to buy assets which are less volatile hence by definition will not gain as much?

        • foxpants on 26/02/2024 - 10:55
          +4

          Diversifying, and specifically perhaps holding some more tangible assets. my 2c.

        • GrueHunter on 02/03/2024 - 14:23
          +1

          "I buy because of the high returns!"

          /never sells so never realises returns, keeps using fiat while waiting for a magical future in which everybody is happy to be paid in and pay for stuff that's previously lost three quarters of its value in a single year

    • techlead on 25/02/2024 - 21:20
      -5

      What makes you think I'm not enjoying life? I'm just not enjoying the life you perceive to be "enjoyable", you are projecting your perception of an "enjoyable life" onto me.

    • RTX9090Ti on 26/02/2024 - 16:41
      +4

      Because he's not worth that much. No real rich people that I know of uses ozbargain.

      • rezdo on 27/02/2024 - 07:49

        Agreed, he needs to send us all 0.2 BTC to prove he's rich :P

        • RTX9090Ti on 27/02/2024 - 09:54
          +1

          techlead the nigerian prince!

    • liongalahad on 27/02/2024 - 20:39
      +1

      He's not worth $47M, he's worth 600BTC until he cashes out. There's no use of those 600BTC other than selling them for $. Most people playing this game never really cash out and ends up cold feet.

      • MrFunSocks on 28/02/2024 - 13:16
        +1

        He definitely doesn't have 600BTC though lol. No one with 600 BTC worth $47mil is posting on ozbargain.

        • liongalahad on 28/02/2024 - 16:56

          It could be true, I don't know that. Guy's got lucky , but he has nothing until he cashes out because BTC have no real world use. I hope he cashes out at least a big chunck of it.

      • nigel deborah on 29/02/2024 - 18:01

        Not true, you can pay for a range of criminal products with your Bitcoin!

  • Jimothy Wongingtons on 25/02/2024 - 11:20
    +10

    Paging @rektrading

    • Baysew on 25/02/2024 - 11:27
      +8

      He's dead Jim.

      • KangaDrew on 25/02/2024 - 15:17
        +1

        But not as we know it.

    • umoddbro on 25/02/2024 - 18:09

      He went all in on ARKK, give him some time to recover.

      • Jimothy Wongingtons on 25/02/2024 - 18:25

        Did he? I thought it was all a ruse to throw off the feds. And the cops knew that internal affairs were setting them up?

    • PeelThis on 26/02/2024 - 11:15

      Not sure if it's the same person but there's a youtube channel with the same handle that only started posting videos 4 days ago

      • Jimothy Wongingtons on 26/02/2024 - 12:44
        +2

        interesting timing with the sudden surge in interest in crypto again with market outlook all over the shop with the upcoming developments for eth and btc

  • pyramid on 25/02/2024 - 11:31
    +14

    I'm holding 200btc, 700eth and few trillion doge…but I'm looking for cheap way to fix my s23 ultra screen on ozbargain…am I braging

    • BoltThrower on 25/02/2024 - 13:21
      +1

      People who get into crypto become infected with bitcoin pizza math. That's potentially a $10,000+ screen. If that crack doesn't mess with TradingView, leave it. If it bothers me and affects my trading, I'm damn well fixing it.

    • AlienC on 29/02/2024 - 07:54

      ill help u fix ur screen for half a bitcoin lol

  • Gdsamp on 25/02/2024 - 11:32
    +8

    can't buy a meaningful amount due to Commbank

    'You'll own nothing and be happy' apparently this includes my own money …

    • bobbieb on 25/02/2024 - 12:10
      +4

      Yep, sadly there has been a fairly aggressive, coordinated push to "de-bank" our local crypto-exchanges nationally here in oz.

      CommBank's implementation is frankly a real PITA - and based on the replies I've received - they don't care. More-so, they seem proud of it.

      Seriously? Was it necessary to delay every single tiny transaction that I do to my regular exchange by 24 hours? Ya know, the one that I've been using regularly for a good part of the last decade? They have a completely acceptable process in place for first-time payments for every kind of payment, but no: for some reason, cypto seems to warrant extra special treatment.

      • KangaDrew on 25/02/2024 - 15:20
        +3

        Vote with your feet and use another bank for instant payments to your exchange. Plenty of other options out there.

        • blorx on 25/02/2024 - 17:23

          Yeah 100 - I've changed a few finance practises due to CBA changing dollar-mites, credit card terms, crypto payments, instand transfers to new accounts and lack of comoparable savings options. I receive salary and move it straight away. Next will probably be ditching them altogether.

    • RTX9090Ti on 27/02/2024 - 09:56
      +1

      once Govs started to stop btc acceptance in banks, brokers, etc, it will worth $0 in mere minutes.

      its all fake money.

      but your properties still worth millions.

    • frewer on 29/02/2024 - 14:27

      When I say Ukraine, you send munies, ok ? The laundry gotta runs, Ukraine

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